Mining Companies' AI Gamble: A New Growth Curve Emerges

Bitcoin mining companies are turning to AI as a new growth curve in response to declining profitability.

The continuous downturn of crypto assets has put pressure on mining companies, prompting them to explore alternative revenue streams. As a result, many mining companies have accelerated their entry into the AI sector, with some seeing significant stock price increases and even reaching historical highs.

Companies like CoreWeave, Applied Digital, and Bitdeer were among the early transformers in the industry, laying out AI computing power and data center businesses as early as 2022-2023. Others, such as Iris Energy, Terawulf, Hut 8, Riot Platforms, and Bitfarms, have ramped up AI infrastructure construction in 2025, coinciding with the rapid expansion cycle of the AI industry.

The market has given high recognition to the narrative of mining companies' AI transformation, with the average increase in stock prices of 11 mining companies reaching 75.97% since the beginning of the year, significantly outperforming Bitcoin during the same period.